TPL
Texas Pacific Land Corporation
TPL's fundamentals are strong and it looks cheap: trading at 33x earnings, below its usual 41x. Analysts expect strong earnings growth.
TPL Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
TPL's revenue, profitability, cash flow and balance sheet are all currently strong.
TPL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 24x | $207 | -26% |
| Forward | 28x | $281 | — |
| Current | 33x | $281 | — |
| Fair | 41x | $347 | +23% |
| Expensive | 58x | $494 | +76% |
Historical ranges are pointers, not guarantees.
TPL's PE is in its fair range at 33x. If earnings grow as analysts expect, today's price would be 28x next year's earnings, in its cheap range.
TPL Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for TPL, with profitability holding steady.
TPL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.15 | +19% |
| Q3 2026 | $8.50 | +23% |
| Q2 2026 | $7.84 | +17% |
| Q1 2026 | $7.29 | +9.5% |
| Q4 2025 | $6.97 | +6.1% |
| Q3 2025 | $6.90 | +6.2% |
| Q2 2025 | $6.69 | +3.2% |
| Q1 2025 | $6.66 | +6.2% |
| Q4 2024 | $6.57 | +12% |
TPL's earnings per share have climbed steadily: $8.50 over the past year, up 23% from the year before, and higher year over year for 11 quarters in a row.
TPL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $273.4M | +35% |
| Q2 2026 | $246.1M | +31% |
| Q1 2026 | $236.8M | +21% |
| Q4 2025 | $211.6M | +14% |
| Q3 2025 | $203.1M | +17% |
| Q2 2025 | $187.5M | +8.8% |
| Q1 2025 | $196M | +13% |
| Q4 2024 | $185.8M | +11% |
TPL's revenue has grown year over year for 12 quarters in a row: $273M last quarter, up 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 76% | +2.6 points |
| Q2 2026 | 78% | +1.3 points |
| Q1 2026 | 77% | +0.4 points |
| Q4 2025 | 71% | -6.2 points |
| Q3 2025 | 73% | 0 points |
| Q2 2025 | 77% | -0.6 points |
| Q1 2025 | 77% | -1.6 points |
| Q4 2024 | 77% | -3.6 points |
TPL's operating margin was 76% last quarter, up 2.6 points from the same quarter a year ago.
TPL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $192.4M | +24% |
| Q2 2026 | $172.9M | +43% |
| Q1 2026 | $162M | +3.4% |
| Q4 2025 | $113.7M | -10% |
| Q3 2025 | $154.6M | +30% |
| Q2 2025 | $120.9M | +23% |
| Q1 2025 | $156.7M | +6.4% |
| Q4 2024 | $126.6M | +14% |
TPL's free cash flow has been positive every quarter for six years: $641M over the past year, up 15% from the year before.
TPL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +1.8K shares |
| 1 year | 0% | +5.6K shares |
| 3 years | -0.1% | -99.6K shares |
| 5 years | -1% | -726K shares |
| Available history | -1.1% | -769K shares |
TPL has 69M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $8.3M |
| Q2 2025 | — |
| Q1 2025 | $100,000 |
| Q4 2024 | $6.4M |
TPL hasn't bought back shares in the past year.
TPL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.5x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.4x | Net Cash |
| Q4 2025 | -0.2x | Net Cash |
| Q3 2025 | -0.8x | Net Cash |
| Q2 2025 | -0.9x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -0.7x | Net Cash |
TPL has more cash than debt.
TPL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.6 | Neutral |
| Stochastic | 8.0 | Oversold |
TPL's weekly RSI is 34 (neutral) and its Stochastic is 8 (oversold).
TPL PE vs Energy Sector
| Metric | TPL | Sector median | Relative |
|---|---|---|---|
| PE | 33x | 13x | 152% above |
| PE % | 33 | 61 | 28 pts below |
TPL is trading at 33x earnings, a 152% premium to the Energy sector's median of 13x.
TPL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $327.1 | 14% below |
| 20 week MA | $359.5 | 22% below |
| 50 week MA | $383.2 | 27% below |
| 100 week MA | $378.6 | 26% below |
| 200 week MA | $301.8 | 6.8% below |
TPL is in a downtrend: it's below all five of its weekly moving averages, and 6.8% below its 200-week average.
TPL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $88.3 | $76.9 | -13% |
| 2021 | $76.9 | $137.7 | +79% |
| 2022 | $137.7 | $278.8 | +102% |
| 2023 | $278.8 | $174.7 | -37% |
| 2024 | $174.7 | $381.7 | +118% |
| 2025 | $381.7 | $287.5 | -25% |
| 2026 YTD | $287.5 | $281.2 | -2.2% |
TPL has finished lower in three of the last six years. It's down 2.2% so far in 2026.